Losing someone close to you is never easy. And while you’re grieving, you’re also left to deal with something few people talk about: their financial footprint. From joint accounts to estate paperwork and even surprise debts, there’s a lot to sort through—especially if you’re a beneficiary or executor.
The good news? You don’t have to figure it all out at once. Take it step-by-step, and lean on professionals when needed. Here’s how to navigate the financial side of loss without getting overwhelmed.
1. Take Time to Grieve Before You Take Action
Before diving into paperwork or bank accounts, give yourself space to grieve. The emotional toll of losing someone can be heavy—and there’s rarely anything so urgent that it can’t wait a few days or weeks. Take the time you need. When you’re ready, move forward at your own pace.
2. Build Your Support Team
If you’re named in a will, are the executor, or are closely involved in settling the estate, you don’t have to do it alone. Reach out to:
- Attorneys (especially for probate and estate planning)
- Accountants (to understand any taxes or final returns)
- CERTIFIED FINANCIAL PLANNER™ professionals (to help guide long-term decisions)
This team can help you navigate everything from asset distribution to closing accounts—especially if you’re not local or the estate is complex.
3. Sort Out Joint Accounts and Shared Property
If you had joint bank accounts, credit cards, or owned a home together, you’ll likely take over full responsibility. That means making decisions like:
- Keeping or closing shared accounts
- Managing or selling jointly owned property
- Taking on mortgage or loan payments solo
A CFP® can help you understand how this fits into your overall financial plan—and what options are available to you.
4. Understand Which Debts Are (and Aren’t) Yours
One common fear? That you’ll be on the hook for your loved one’s debts. But here’s the truth:
👉 If your name wasn’t on the loan or credit account, you’re not responsible for it.
Creditors may still call, but don’t let pressure or confusion lead you to pay debts that don’t belong to you. Most debts are resolved during probate.
Special note:
Federal student loan debt is discharged upon death. Some private loans may be as well—but that varies by lender. Again, your CFP® can help clarify.
5. Make a Plan for Any Inheritance
If you receive an inheritance, large or small, don’t rush to use it. First, place the funds in a separate account (not joint with anyone else). This protects the money while you figure out how it fits into your financial goals.
Then, talk with your financial planner about smart next steps. Inheritances often come with emotions—and opportunities. A planner can help you handle both.
The Bottom Line
There’s no easy way to lose someone. And when you’re grieving, it can feel impossible to deal with financial logistics. But you’re not alone—and you don’t have to do everything at once. Take your time, get help, and remember: the goal is to honor your loved one and take care of yourself.